Canadian market shakeup
London, UK (July 4, 2019) – Acturis Group, the award-winning SaaS provider of insurance technology solutions, is pleased to announce that it has acquired Zycomp Systems Limited, a leading provider of broker software in Canada.
Acturis, founded in 2000 and headquartered in London, is the UK’s leading Software as a Service (SaaS) vendor for General Insurance, providing technology solutions to general insurance brokers and underwriters in the UK, Germany and internationally. It provides the leading broker system in the UK and Germany and its multi-tenant SaaS model is seen as one of the most modern and progressive platforms in the insurance market. Acturis is considered the leader in Commercial Lines real time electronic trading between brokers and insurers in the UK and Germany, and its real time multi channel solutions – including web and mobile – are used by most major UK brokers and insurers.
Founded in 1992, Zycomp is headquartered in Victoria, British Columbia with installations across Canada and the Caribbean. The Zycomp Broker Management System, Power Broker is considered one of the leading broker platforms in the Canadian broker market and Power Broker’s outstanding reputation and market share of around 30% reflects this. Its solutions are active in over 820 brokerages across Canada and the Caribbean. Zycomp’s founders, Steve and Eila Zylak and key management, who have built the business up over the last 27 years, will continue to have a major ongoing and full time involvement in the group.
Theo Duchen, co-CEO of Acturis comments: “We have been actively engaged in expanding our footprint beyond the UK, having successfully entered the German market some years ago. We have been interested in the Canadian market for some time, and we believe that the time is perfect for a new entrant to enter the market, with broker interest evident and with a unique opportunity to partner with the best local company in the market – a company with an excellent reputation and solidity which we have admired for some time. This unique combination will provide brokers with real choice and the best of both worlds: continued support and development of the Power Broker platform, and the ability to transition to the most modern insurance broker SaaS platform in the world which is already going live with its first 2 Canadian brokers.”
David McDonald, co-CEO of Acturis adds: “We are very excited to welcome Steve, Eila, Stuart and their outstanding team into the enlarged Group as we embark on this exciting chapter of our North American development. Both companies have a track record of professionalism, integrity, growth and innovation in their respective markets and this bodes well for the combined Group.”
Steve Zylak, CEO of Zycomp adds: “We are extremely pleased to join the Acturis Group and we feel that the combination of Zycomp and Acturis can have a significant impact on the Canadian Broker Software landscape. I have committed to stay on for a minimum of 5 more years to continue to develop the Power Broker system and to aid with the migration to the Acturis suite of products and to develop integrations between Power Broker and new Acturis products. We look forward to working closely with David, Theo and the entire management team to build the pre-eminent vendor of broker technology in Canada.”
Acturis is the leading, award-winning Software as a Service provider to the insurance industry. The Acturis SaaS Platform is an administration, distribution and underwriting platform used by insurance brokers and underwriters in the general insurance market, supporting both personal and commercial insurance. The company is headquartered in the London, UK and has recently won the Insurance Times Business Partner of the year for 2018 award, in addition to a host of industry and national awards. In 2016, Acturis won the Tech Growth Company of the Year at the prestigious UK Tech Awards.
The Acturis Group also includes:
- NIS – a leading global provider of software solutions to the travel insurance, assistance and health insurance markets with customers in more than 40 countries
- Acturis Deutschland – the leading comparative rating tool in the German insurance market and the largest provider of broker administration and trading software in Germany
- ICE InsureTech – a cutting edge software platform for insurers, managing general agents and claims administrators with an emphasis on connected insurance and IoT
For more information, visit www.acturis.com.
Zycomp Systems Limited was originally founded in 1987 with an aim to develop modern, cost effective software for the Canadian Insurance Industry. Our early products included an Insurance Adjuster System, a Claims Management System and a Risk Management System. In 1992 we began to focus on the Insurance Broker segment of the market and Power Broker was born. In the ensuing 27 years Power Broker has become Canada’s most cost effective solution for the Insurance Broker, selling to over 1,500 brokerages in Canada and throughout the Caribbean. For more information, visit power-broker.com.
SOURCE: Acturis GroupTags: Acquisition, Brokers, platform, Software as a Service (SaaS), Zycomp